San Francisco-based LucidLink Corp., an innovative storage collaboration platform, has raised $75 million in its Series C funding round to further develop its groundbreaking Filespaces technology, meeting the growing demand for seamless remote collaboration among creative professionals.
The funding round was led by Brighton Park Capital, with participation from Adobe Ventures, Headline, Baseline Ventures, and others. LucidLink aims to propel product development, expand customer acquisition efforts, and venture into new verticals and geographies with the newly acquired funds.
“LucidLink recognized a substantial need for real-time collaboration in the cloud, and their solution has rapidly become indispensable for hybrid and remote creative professionals, underscored by its robust recent growth and diverse customer base of leading innovative companies,” said Mike Gregoire, Partners at Brighton Park Capital.
The LucidLink platform, helmed by CEO Peter Thompson and CTO George Dochev, is a pioneering solution designed to cater to the needs of remote and hybrid teams, particularly in creative industries. Notable clients include Adobe, A&E Networks, Whirlpool, Shopify, Buzzfeed, Spotify, Hollywood studios, major broadcasters, brands, digital ad agencies, architectural firms, and gaming companies.
Revolutionizing File Sharing with Filespaces
Professionals in architecture and graphic design often grapple with the challenge of sharing large files efficiently. Traditional cloud-based file-sharing platforms necessitate time-consuming downloads and syncing processes.
LucidLink’s Filespaces, however, promises to revolutionize this workflow by enabling workers to access cloud-based data a staggering 100 times faster than competing services. The platform achieves this by breaking files into objects and fetching only the actively used parts when users wish to edit a file, significantly reducing download times.
Peter Thompson, CEO and Co-Founder of LucidLink, said, “Legacy collaboration and storage solutions are not designed for this new hybrid workplace reality, and LucidLink is becoming the go-to solution for companies looking to future-proof their businesses.”
“Our customers are reaching 5x in productivity gains on previously impossible workflows, and we are excited to see how they continue to unlock new possibilities as we help to accelerate the future of collaborative work,” he added.
Moreover, Filespaces strategically caches frequently used records on users’ local machines, eliminating the need to fetch records from the cloud and expediting the loading process. The platform’s innovation extends to eliminating the requirement for storage gateways, traditionally used to manage data movement between cloud platforms and users’ computers.
Key Advantages and Immersive Features
LucidLink allows customers to encrypt their stored data using their encryption keys, providing an added layer of security. The platform’s built-in backup tool ensures data integrity by creating immutable backups every few minutes, safeguarding against the risks posed by outages and ransomware.
The company reports managing over one billion files for esteemed clients like Adobe, Shopify, and Spotify. LucidLink’s success in growing its annual recurring revenue nearly fivefold and expanding its user base fourfold over the past two years speaks to the platform’s effectiveness in addressing the evolving needs of the modern workforce.
Future-Proofing Businesses and Recognition
The company has garnered recognition, including the National Association of Broadcasters Product of the Year in 2022 and 2023 and inclusion in Inc. Magazine’s Best US Workplaces in 2023. With Filespaces at its core, LucidLink continues to redefine how remote and hybrid teams collaborate on massive datasets, setting a new standard for speed, efficiency, and security in file sharing.
“With this Series C investment, LucidLink will accelerate its most ambitious product updates in the Company’s history to expand our technology leadership position, open up new customer use cases, and create more personalized product experiences that enable creative professionals to work more efficiently and effectively,” said George Dochev, CTO and Co-Founder of LucidLink.
The $75 million funding injection positions LucidLink to further enhance its installed base, expand into new markets, and drive accelerated product development initiatives. As remote collaboration becomes increasingly prevalent, LucidLink stands at the forefront, providing innovative solutions for real-time collaboration across diverse industries.
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